Probate is the legal process that sees the distribution of a deceased person’s assets. Each bank has its probate threshold, but typically applies to estates valued over £5,000. However, some institutions have a threshold as high as £50,000.
The process is also known as estate administration. A thorough valuation is required to determine whether probate is needed. It may not be necessary if the estate value falls under the financial institution’s threshold.
This guide discusses when probate is needed and the various bank thresholds. This will give a clear indication of whether you must apply for probate.
How Much Does an Estate Have to Be Worth To Go To Probate in the UK?
The financial institution will determine whether the estate must go through the probate process. In England and Wales, the grant of probate thresholds vary between £5,000 and £50,000 depending on the bank. A £300 probate application fee must be paid on estates over £5,000.
In Northern Ireland, a grant of probate is required on estates over £20,000, according to the NI Government. A fee is payable on estates worth over £10,000.
The process differs in Scotland where probate is known as confirmation. Confirmation is needed on estates worth over £5,000. Estates under £36,000 are referred to as small estates with estates over £36,000 known as large estates. The confirmation process differs depending on where the estate value falls.
In most cases involving property, probate will be required, especially if the beneficiaries plan to sell. A probate solicitor can carry out an estate valuation which encompasses property and bank accounts. This will determine if the deceased’s assets exceed the financial institution’s threshold. If probate is not necessary, the bank will automatically release the funds and assets to the executor.
Here, we discuss when probate is usually required and when there are exceptions:
When is Probate Required?
- If the deceased solely owned a property
- If the estate’s value exceeds the threshold (usually over £5,000)
- If the deceased owns multiple assets abroad (known as foreign assets)
When Probate Might Not Be Needed
- If the deceased has jointly owned assets, these will go to the surviving spouse or owner
- If the estate is valued under the financial institution’s thresholds (typically under £5,000)
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What Is the Probate Threshold in the UK?
Financial institutions is a collective term referring to banks and building societies.
Here are the major financial institutions and their thresholds:
| Financial Institution | Probate Threshold (£) |
|---|---|
Bank of Scotland PLC | £36,000 in Scotland £50,000 in England, Wales, and Northern Ireland |
Barclays Bank PLC | £50,000 |
Coventry Building Society | £50,000 |
HSBC Bank PLC | £10,000 |
Lloyds Bank PLC | £50,000 |
Marks and Spencer Financial Services PLC | £5,000 |
Metro Bank PLC | £25,000 |
Monmouthshire Building Society | £5,000 |
Monzo Bank Ltd | £5,000 |
Nationwide Building Society | £50,000 |
NatWest Markets PLC | £50,000 |
Principality Building Society | £40,000 |
Sainsbury’s Bank PLC | £25,000 |
Scottish Building Society | £5,000 |
Skipton Building Society | £30,000 |
Starling Bank Ltd | £10,000 |
Tesco Personal Finance | £50,000 |
The Co-operative Bank PLC | £50,000 |
Yorkshire Building Society | £30,000 |
Data taken from each firm’s website and is correct as of November 2024
Key Steps in the Probate Process
Here is an overview of the probate process:
Before Applying
- Gather documentation including the original copies of the will and death certificate
- Assess the estate value and debts
Applying for Probate
- Complete necessary forms including the PA1P for wills and the PA1A for intestacy
- Submit Inheritance Tax forms if required
After Receiving Probate
- Distribute assets
- Handle remaining debts or taxes
- Close bank accounts
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Finding a Probate Solicitor
Compare My Move connects users with the top probate solicitors in their area. Probate solicitors have specialised experience in the field. This means they carry out all jobs with the utmost respect and sensitivity as they understand it can be an upsetting process.
Simply fill in our probate comparison form to compare quotes and save on your probate solicitor fees. You can discuss your requirements to ensure you choose the right company. This assures you that your solicitor can fulfil your needs efficiently.
To become a partner, companies must pass our strict verification process. This is to ensure that each business is above board and provides exceptional customer service. For probate solicitors, this includes being regulated by one of the following regulatory bodies:
Solicitors Regulation Authority (SRA)
Law Society of Scotland (LSS)
Law Society of Northern Ireland (LSNI)
Council for Licensed Conveyancers (CLC)
Institute of Chartered Accountants (ICAEW)
Key Takeaways
Probate is required when the estate's total value exceeds the financial institution’s threshold. This varies from bank to bank, but will typically be between £5,000 and £50,000. They will inform you if it is needed.
Hiring a solicitor will minimise the risk of any errors during the application process. This in turn will help streamline your case. They will assist in filling out the relevant documents. When applying, they will check that the original copy of the will and death certificate are included. Your solicitor will be on hand to explain any legal jargon.
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Frequently Asked Questions
What happens if I don’t apply for probate?
If the executor fails to apply for probate, the assets will remain frozen until the grant of probate has been approved. There is no deadline to apply for probate, but this can cause frustration for the beneficiaries. It may lead to disputes or a contest of the will.
While probate has no deadline, Inheritance Tax must be paid by the end of the sixth month following the deceased’s passing. Failure to do so will result in high interest charges and potential legal repercussions.
Can I manage probate myself or hire a solicitor?
Hiring a probate solicitor is not mandatory. However, it is highly recommended due to the complexity of the process.
How long does the process take?
The entire probate process takes an average of six to 12 months. It can take longer when dealing with a large or complex estate. There may be general delays within the Probate Registry due to the backlog of requests. Some Local Authorities also suffer from staff shortages which can also impact the length of time probate takes.
Read more on Why Does Probate Take So Long?
